The open road beckons, the wind whispers promises of adventure – but what happens when your RV or boat isn't in use? For many enthusiasts, the dream of exploration comes face-to-face with the reality of limited storage space. Thankfully, the self-storage industry has seen a surge in the specialized boat and RV storage facilities. But this isn't just a boom for RV and boat owners; it's a golden opportunity for storage developers and investors.
Boat & RV storage, while it has always had its place in the self storage industry, was previously seen as not the most profitable use of space when compared to traditional mini storage units. However, that is not the case these days. As boats and RVs have become more advanced and sophisticated, so have their storage options. And with the number of RVs on the road increasing every year, the need for designated storage has never been higher.
A Perfect Storm: Why Boat and RV Storage is on the Rise
The popularity of recreational boating and RV travel isn't slowing down. According to the RV Industry Association’s (RVIA) first quarter report for 2024, “...total RV shipments ended the month with 32,243 units, an increase of 1.2% compared to the 31,869 units shipped in March 2023.” Following this trend, RV sales are expected to grow 9.3% in 2024 from 2023 numbers, which saw an increase from the previous years as well. Couple this with the growing number of boat owners, and the demand for safe and secure storage solutions becomes clear.
But why exactly is self storage for these large recreational vehicles becoming such a booming business recently? Here are a few key factors that paint a compelling picture for potential developers:
Choosing the Right Boat and RV Storage
What was once just a basic parking lot with a fence, has evolved into a variety of sophisticated facilities. Today's modern boat and RV storage facilities come with a variety of options to suit any customer’s needs and budget. Here's a breakdown of the most common types, offering valuable insights for facility design and development:
With so many choices for RV and boat storage, how do you decide which to build at your facility? Here's where thorough market research becomes the key to unlocking success. In-depth market research will reveal the crucial information you need to make the best decisions for your future facility. This research looks into the local demand for boat and RV storage. Understanding the size and needs of your potential customer base is crucial. Who are your competitors, and what storage options do they offer? Knowing their strengths and weaknesses allows you to strategically position your facility. Once you've gathered your own market data, getting a feasibility study takes the analysis a step further. This study assesses the suitability of your chosen land for a boat and RV storage facility. Armed with your market research, the feasibility study can recommend the optimal unit mix of canopy and enclosed storage units to maximize your success. The study also provides valuable financial projections, giving you insights into potential revenue streams and operational costs for different storage options. Finally, this research can let you know the rates for different storage types around you to set competitive prices that attract customers while remaining profitable.
By prioritizing research and feasibility studies, you gain the knowledge needed to build a facility with the perfect storage mix. This ensures you cater to a broad range of customers and position your boat and RV storage business for long-term success.
Amenities and Innovation
As the demand for boat and RV storage grows, so do the features and amenities offered by these facilities. Today’s boat and RV storage customers aren’t just looking for a place to park their vehicle. They want a place where they can get everything taken care of and ready to go for their next adventure. Consider incorporating extra amenities and elements to make your facility more appealing to the customers and be more than just a parking space. Things like dumping stations, washing bays, and clubhouses can make your storage facility a one stop shop for boat and RV owners.
The future of boat and RV storage is bright. With a growing market, diverse storage options, and the potential for valuable add-on services, this industry presents a compelling opportunity for investors and developers. By conducting thorough market research, prioritizing feasibility studies, and incorporating innovative amenities, you can build a successful boat and RV storage facility that caters to the evolving needs of today's recreational vehicle owners. Don't miss out on this chance to be a part of a booming industry – take the first step towards building your dream boat and RV storage facility today!
Looking for more information? Download our Boat and RV Storage Development Guide here and take the first step to building your new facility!
Ready to start building? Contact MakoRabco today!